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TRW stockholders give nod to acquisition by ZF

20-Nov-2014 01:01 EST

One of TRW's technology offerings is camera-based adaptive cruise control.

TRW stockholders representing 79% of the company's shares outstanding have voted to allow the proposed acquisition of the company by ZF to proceed. Under the terms of the agreement, ZF will acquire TRW in an all-cash transaction valued at approximately $12.4 billion based on equity value. TRW stockholders will receive $105.60 in cash for each share of TRW stock. On Nov. 14, 2014, the two companies received notice from the Committee on Foreign Investment in the United States (CFIUS) that CFIUS had concluded its review of the transaction and determined that there are no unresolved national security concerns involved. The transaction remains subject to further customary closing conditions, including antitrust clearances. ZF and TRW continue to expect the transaction to be completed in the first half of calendar year 2015.